The global testing, inspection and certification (TIC) market is expected to grow at a CAGR of 6.3% during the forecast period with its market size was valued at USD 241.0 billion in 2020. With growing trend of TIC outsourcing, there is a significant rise in the number of small and mid-scale tic companies globally, especially in APAC region. These companies is expected to bring numerous new opportunities for the TIC ecosystem.
Retail & consumer goods application segment accounted for a foremost share of TIC market in 2020
On the basis of application, the market is subdivided as automotive, aerospace, IT & telecom, transportation & logistics, sports & entertainment, agriculture & food, chemicals, construction, retail & consumer goods, government & public sector, energy & power, industrial, pharmaceuticals, metal & mining, and others. Of all these applications, the retail & consumer goods application segment accounted for a foremost share of TIC market, owing to wide range of consumer goods manufactured every year in different regions and significant demand of quality and standard testing and inspection of the products on regular basis.
Geographically, APAC, is the largest and fastest growing testing, inspection & certification market with largest number of small and large product manufacturers residing in the region. Further, administration of several countries in the region are inspiring companies across the globe to make investment in the region. This will further up surge the growth of the China Testing, Inspection & Certification (TIC) market in years to come.
Some of the key players operating in the global testing, inspection and certification market are ALS Limited, Applus Plus, Bureau Veritas SA, DNV GL, Element Materials Technology, Eurofins Scientific, Intertek, Lloyd’s Register Group Limited, MISTRAS, SGS Group, TUV NORD Group, TUV SUD Group, TUV Rheinland Group, and UL LLC.
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The report provides the market value for the base year 2020 and a yearly forecast till 2027 in terms of revenue (USD Million). The report segments the global testing, inspection and certification market on the basis of service, source type, application, and region.
Global Testing, Inspection and Certification Market Coverage
Service Insight and Forecast 2015 – 2027
Source Type Insight and Forecast 2015 – 2027
Application Insight and Forecast 2015 – 2027
Testing, Inspection and Certification Market by Region
Rest of the World (RoW)